{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}E:\Old papers\short union paper\FM RR1\FM data archive code and tables\Table 3 log file.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}17 Feb 2025, 13:20:31

{com}. do "C:\Users\akprevos\AppData\Local\Temp\STD45bc_000000.tmp"
{txt}
{com}. xtset sic2

{txt}{col 1}Panel variable: {res}sic2{txt} (unbalanced)

{com}. 
{txt}end of do-file

{com}. do "C:\Users\akprevos\AppData\Local\Temp\STD45bc_000000.tmp"
{txt}
{com}. xtprobit useconsultant contract contract_nonrtw nonrtw y_*, pa vce(robust)
{txt}note: {bf:y_1} omitted because of collinearity.
note: {bf:y_2} omitted because of collinearity.
note: {bf:y_3} omitted because of collinearity.
note: {bf:y_4} omitted because of collinearity.
note: {bf:y_5} omitted because of collinearity.
note: {bf:y_6} omitted because of collinearity.
note: {bf:y_7} omitted because of collinearity.
note: {bf:y_8} omitted because of collinearity.
note: {bf:y_9} omitted because of collinearity.
note: {bf:y_10} omitted because of collinearity.
note: {bf:y_11} omitted because of collinearity.
note: {bf:y_12} omitted because of collinearity.
note: {bf:y_13} omitted because of collinearity.
note: {bf:y_14} omitted because of collinearity.
note: {bf:y_28} omitted because of collinearity.
note: {bf:y_32} omitted because of collinearity.

Iteration 1: tolerance = {res}.05319976
{txt}Iteration 2: tolerance = {res}.0028297
{txt}Iteration 3: tolerance = {res}.0002238
{txt}Iteration 4: tolerance = {res}.00002195
{txt}Iteration 5: tolerance = {res}2.647e-06
{txt}Iteration 6: tolerance = {res}3.184e-07

{txt}GEE population-averaged model{col 54}{txt}{lalign 16:Number of obs} = {res}{ralign 6:9,129}
{txt}Group variable: {res}sic2{txt}{col 54}{txt}{lalign 16:Number of groups} = {res}{ralign 6:57}
{txt}Family: {lalign 8:Binomial}{col 54}{lalign 16:Obs per group:}
Link:   {lalign 8:Probit}{col 54}{ralign 16:min} = {res}{ralign 6:6}
{txt}Correlation: {res}exchangeable{txt}{col 54}{ralign 16:avg} = {res}{ralign 6:160.2}
{txt}{col 54}{ralign 16:max} = {res}{ralign 6:1,238}
{txt}{col 54}{txt}{lalign 16:Wald chi2({res:19})} = {res}{ralign 6:270.29}
{txt}Scale parameter = {res}1{txt}{col 54}{txt}{lalign 16:Prob > chi2} = {res}{ralign 6:0.0000}

{txt}{ralign 81:(Std. err. adjusted for clustering on {res:sic2})}
{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}  Semirobust
{col 1}  useconsultant{col 17}{c |} Coefficient{col 29}  std. err.{col 41}      z{col 49}   P>|z|{col 57}     [95% con{col 70}f. interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}contract {c |}{col 17}{res}{space 2}  1.09194{col 29}{space 2} .3147228{col 40}{space 1}    3.47{col 49}{space 3}0.001{col 57}{space 4} .4750945{col 70}{space 3} 1.708785
{txt}contract_nonrtw {c |}{col 17}{res}{space 2}-.9818369{col 29}{space 2} .2979705{col 40}{space 1}   -3.30{col 49}{space 3}0.001{col 57}{space 4}-1.565848{col 70}{space 3}-.3978254
{txt}{space 9}nonrtw {c |}{col 17}{res}{space 2} .0591154{col 29}{space 2} .0995074{col 40}{space 1}    0.59{col 49}{space 3}0.552{col 57}{space 4}-.1359156{col 70}{space 3} .2541464
{txt}{space 11}y_15 {c |}{col 17}{res}{space 2}-.4281334{col 29}{space 2} .1225129{col 40}{space 1}   -3.49{col 49}{space 3}0.000{col 57}{space 4}-.6682543{col 70}{space 3}-.1880125
{txt}{space 11}y_16 {c |}{col 17}{res}{space 2}-.1785345{col 29}{space 2} .1062342{col 40}{space 1}   -1.68{col 49}{space 3}0.093{col 57}{space 4}-.3867497{col 70}{space 3} .0296807
{txt}{space 11}y_17 {c |}{col 17}{res}{space 2}-.0905637{col 29}{space 2}  .114216{col 40}{space 1}   -0.79{col 49}{space 3}0.428{col 57}{space 4}-.3144229{col 70}{space 3} .1332954
{txt}{space 11}y_18 {c |}{col 17}{res}{space 2}-.2630489{col 29}{space 2} .0973692{col 40}{space 1}   -2.70{col 49}{space 3}0.007{col 57}{space 4} -.453889{col 70}{space 3}-.0722087
{txt}{space 11}y_19 {c |}{col 17}{res}{space 2}-.2267421{col 29}{space 2} .1095544{col 40}{space 1}   -2.07{col 49}{space 3}0.038{col 57}{space 4}-.4414648{col 70}{space 3}-.0120194
{txt}{space 11}y_20 {c |}{col 17}{res}{space 2} -.235552{col 29}{space 2} .1017524{col 40}{space 1}   -2.31{col 49}{space 3}0.021{col 57}{space 4} -.434983{col 70}{space 3} -.036121
{txt}{space 11}y_21 {c |}{col 17}{res}{space 2}-.1611655{col 29}{space 2} .1132316{col 40}{space 1}   -1.42{col 49}{space 3}0.155{col 57}{space 4}-.3830954{col 70}{space 3} .0607643
{txt}{space 11}y_22 {c |}{col 17}{res}{space 2}-.1243298{col 29}{space 2}  .107942{col 40}{space 1}   -1.15{col 49}{space 3}0.249{col 57}{space 4}-.3358921{col 70}{space 3} .0872326
{txt}{space 11}y_23 {c |}{col 17}{res}{space 2}-.1561598{col 29}{space 2} .0895944{col 40}{space 1}   -1.74{col 49}{space 3}0.081{col 57}{space 4}-.3317617{col 70}{space 3}  .019442
{txt}{space 11}y_24 {c |}{col 17}{res}{space 2}-.1710852{col 29}{space 2} .1061705{col 40}{space 1}   -1.61{col 49}{space 3}0.107{col 57}{space 4}-.3791755{col 70}{space 3} .0370051
{txt}{space 11}y_25 {c |}{col 17}{res}{space 2}-.1411351{col 29}{space 2}   .08988{col 40}{space 1}   -1.57{col 49}{space 3}0.116{col 57}{space 4}-.3172966{col 70}{space 3} .0350265
{txt}{space 11}y_26 {c |}{col 17}{res}{space 2}-.0898155{col 29}{space 2} .1049414{col 40}{space 1}   -0.86{col 49}{space 3}0.392{col 57}{space 4}-.2954968{col 70}{space 3} .1158658
{txt}{space 11}y_27 {c |}{col 17}{res}{space 2}-.0730277{col 29}{space 2}   .09271{col 40}{space 1}   -0.79{col 49}{space 3}0.431{col 57}{space 4}-.2547359{col 70}{space 3} .1086805
{txt}{space 11}y_29 {c |}{col 17}{res}{space 2} .3213586{col 29}{space 2} .0955048{col 40}{space 1}    3.36{col 49}{space 3}0.001{col 57}{space 4} .1341727{col 70}{space 3} .5085446
{txt}{space 11}y_30 {c |}{col 17}{res}{space 2} .3884273{col 29}{space 2} .0897355{col 40}{space 1}    4.33{col 49}{space 3}0.000{col 57}{space 4} .2125489{col 70}{space 3} .5643057
{txt}{space 11}y_31 {c |}{col 17}{res}{space 2} .5547514{col 29}{space 2} .2691084{col 40}{space 1}    2.06{col 49}{space 3}0.039{col 57}{space 4} .0273087{col 70}{space 3} 1.082194
{txt}{space 10}_cons {c |}{col 17}{res}{space 2} 1.490045{col 29}{space 2} .1163141{col 40}{space 1}   12.81{col 49}{space 3}0.000{col 57}{space 4} 1.262074{col 70}{space 3} 1.718017
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. 
{txt}end of do-file

{com}. do "C:\Users\akprevos\AppData\Local\Temp\STD45bc_000000.tmp"
{txt}
{com}. xtprobit useconsultant contract contract_nonrtw nonrtw logat mtbrW netppeW firmriskW roaW mraw_window_1W lfirmage founder lage ltenure ceochair lbsize perind perind69 perindbusy y_*, pa vce(robust)                   
{txt}note: {bf:y_1} omitted because of collinearity.
note: {bf:y_2} omitted because of collinearity.
note: {bf:y_3} omitted because of collinearity.
note: {bf:y_4} omitted because of collinearity.
note: {bf:y_5} omitted because of collinearity.
note: {bf:y_6} omitted because of collinearity.
note: {bf:y_7} omitted because of collinearity.
note: {bf:y_8} omitted because of collinearity.
note: {bf:y_9} omitted because of collinearity.
note: {bf:y_10} omitted because of collinearity.
note: {bf:y_11} omitted because of collinearity.
note: {bf:y_12} omitted because of collinearity.
note: {bf:y_13} omitted because of collinearity.
note: {bf:y_14} omitted because of collinearity.
note: {bf:y_31} omitted because of collinearity.
note: {bf:y_32} omitted because of collinearity.

Iteration 1: tolerance = {res}.19488376
{txt}Iteration 2: tolerance = {res}.03557278
{txt}Iteration 3: tolerance = {res}.00849125
{txt}Iteration 4: tolerance = {res}.00186726
{txt}Iteration 5: tolerance = {res}.000515
{txt}Iteration 6: tolerance = {res}.00013258
{txt}Iteration 7: tolerance = {res}.00003456
{txt}Iteration 8: tolerance = {res}8.992e-06
{txt}Iteration 9: tolerance = {res}2.340e-06
{txt}Iteration 10: tolerance = {res}6.091e-07

{txt}GEE population-averaged model{col 53}{txt}{lalign 16:Number of obs} = {res}{ralign 7:8,898}
{txt}Group variable: {res}sic2{txt}{col 53}{txt}{lalign 16:Number of groups} = {res}{ralign 7:57}
{txt}Family: {lalign 8:Binomial}{col 53}{lalign 16:Obs per group:}
Link:   {lalign 8:Probit}{col 53}{ralign 16:min} = {res}{ralign 7:6}
{txt}Correlation: {res}exchangeable{txt}{col 53}{ralign 16:avg} = {res}{ralign 7:156.1}
{txt}{col 53}{ralign 16:max} = {res}{ralign 7:1,224}
{txt}{col 53}{txt}{lalign 16:Wald chi2({res:34})} = {res}{ralign 7:1617.02}
{txt}Scale parameter = {res}1{txt}{col 53}{txt}{lalign 16:Prob > chi2} = {res}{ralign 7:0.0000}

{txt}{ralign 81:(Std. err. adjusted for clustering on {res:sic2})}
{hline 16}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 17}{c |}{col 29}  Semirobust
{col 1}  useconsultant{col 17}{c |} Coefficient{col 29}  std. err.{col 41}      z{col 49}   P>|z|{col 57}     [95% con{col 70}f. interval]
{hline 16}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}contract {c |}{col 17}{res}{space 2} .8794326{col 29}{space 2} .4757541{col 40}{space 1}    1.85{col 49}{space 3}0.065{col 57}{space 4}-.0530283{col 70}{space 3} 1.811893
{txt}contract_nonrtw {c |}{col 17}{res}{space 2}-1.256492{col 29}{space 2} .3942388{col 40}{space 1}   -3.19{col 49}{space 3}0.001{col 57}{space 4}-2.029185{col 70}{space 3}-.4837977
{txt}{space 9}nonrtw {c |}{col 17}{res}{space 2} .0576235{col 29}{space 2} .0924678{col 40}{space 1}    0.62{col 49}{space 3}0.533{col 57}{space 4}-.1236101{col 70}{space 3}  .238857
{txt}{space 10}logat {c |}{col 17}{res}{space 2}  .102096{col 29}{space 2} .0446604{col 40}{space 1}    2.29{col 49}{space 3}0.022{col 57}{space 4} .0145632{col 70}{space 3} .1896288
{txt}{space 10}mtbrW {c |}{col 17}{res}{space 2}-.0084493{col 29}{space 2} .0266128{col 40}{space 1}   -0.32{col 49}{space 3}0.751{col 57}{space 4}-.0606095{col 70}{space 3} .0437109
{txt}{space 8}netppeW {c |}{col 17}{res}{space 2}  .262403{col 29}{space 2} .3269951{col 40}{space 1}    0.80{col 49}{space 3}0.422{col 57}{space 4}-.3784956{col 70}{space 3} .9033015
{txt}{space 6}firmriskW {c |}{col 17}{res}{space 2} .0763237{col 29}{space 2}  .064421{col 40}{space 1}    1.18{col 49}{space 3}0.236{col 57}{space 4}-.0499392{col 70}{space 3} .2025866
{txt}{space 11}roaW {c |}{col 17}{res}{space 2} .3991559{col 29}{space 2} .3620528{col 40}{space 1}    1.10{col 49}{space 3}0.270{col 57}{space 4}-.3104546{col 70}{space 3} 1.108766
{txt}{space 1}mraw_window_1W {c |}{col 17}{res}{space 2}-.0042939{col 29}{space 2} .0555878{col 40}{space 1}   -0.08{col 49}{space 3}0.938{col 57}{space 4}-.1132439{col 70}{space 3} .1046561
{txt}{space 7}lfirmage {c |}{col 17}{res}{space 2} .1610485{col 29}{space 2} .0769825{col 40}{space 1}    2.09{col 49}{space 3}0.036{col 57}{space 4} .0101656{col 70}{space 3} .3119314
{txt}{space 8}founder {c |}{col 17}{res}{space 2} .1067193{col 29}{space 2} .1639635{col 40}{space 1}    0.65{col 49}{space 3}0.515{col 57}{space 4}-.2146433{col 70}{space 3}  .428082
{txt}{space 11}lage {c |}{col 17}{res}{space 2}-.2910917{col 29}{space 2} .3743141{col 40}{space 1}   -0.78{col 49}{space 3}0.437{col 57}{space 4}-1.024734{col 70}{space 3} .4425504
{txt}{space 8}ltenure {c |}{col 17}{res}{space 2}-.1696592{col 29}{space 2} .0526362{col 40}{space 1}   -3.22{col 49}{space 3}0.001{col 57}{space 4}-.2728243{col 70}{space 3} -.066494
{txt}{space 7}ceochair {c |}{col 17}{res}{space 2} .1802774{col 29}{space 2} .1181766{col 40}{space 1}    1.53{col 49}{space 3}0.127{col 57}{space 4}-.0513444{col 70}{space 3} .4118993
{txt}{space 9}lbsize {c |}{col 17}{res}{space 2} .6677283{col 29}{space 2} .2343927{col 40}{space 1}    2.85{col 49}{space 3}0.004{col 57}{space 4} .2083271{col 70}{space 3} 1.127129
{txt}{space 9}perind {c |}{col 17}{res}{space 2} 2.321131{col 29}{space 2} .8416685{col 40}{space 1}    2.76{col 49}{space 3}0.006{col 57}{space 4} .6714914{col 70}{space 3} 3.970771
{txt}{space 7}perind69 {c |}{col 17}{res}{space 2}-.4494064{col 29}{space 2}  .263585{col 40}{space 1}   -1.70{col 49}{space 3}0.088{col 57}{space 4}-.9660234{col 70}{space 3} .0672107
{txt}{space 5}perindbusy {c |}{col 17}{res}{space 2} .6334027{col 29}{space 2} .1934547{col 40}{space 1}    3.27{col 49}{space 3}0.001{col 57}{space 4} .2542384{col 70}{space 3} 1.012567
{txt}{space 11}y_15 {c |}{col 17}{res}{space 2}-.8652283{col 29}{space 2} .3778238{col 40}{space 1}   -2.29{col 49}{space 3}0.022{col 57}{space 4}-1.605749{col 70}{space 3}-.1247073
{txt}{space 11}y_16 {c |}{col 17}{res}{space 2}-.5465698{col 29}{space 2} .3520337{col 40}{space 1}   -1.55{col 49}{space 3}0.121{col 57}{space 4}-1.236543{col 70}{space 3} .1434037
{txt}{space 11}y_17 {c |}{col 17}{res}{space 2}-.5133635{col 29}{space 2} .3825489{col 40}{space 1}   -1.34{col 49}{space 3}0.180{col 57}{space 4}-1.263146{col 70}{space 3} .2364186
{txt}{space 11}y_18 {c |}{col 17}{res}{space 2}-.6623351{col 29}{space 2} .4011361{col 40}{space 1}   -1.65{col 49}{space 3}0.099{col 57}{space 4}-1.448547{col 70}{space 3} .1238773
{txt}{space 11}y_19 {c |}{col 17}{res}{space 2}-.5840815{col 29}{space 2} .3756158{col 40}{space 1}   -1.55{col 49}{space 3}0.120{col 57}{space 4}-1.320275{col 70}{space 3} .1521119
{txt}{space 11}y_20 {c |}{col 17}{res}{space 2}-.6064629{col 29}{space 2}  .351742{col 40}{space 1}   -1.72{col 49}{space 3}0.085{col 57}{space 4}-1.295865{col 70}{space 3} .0829388
{txt}{space 11}y_21 {c |}{col 17}{res}{space 2}-.5104755{col 29}{space 2} .3400887{col 40}{space 1}   -1.50{col 49}{space 3}0.133{col 57}{space 4}-1.177037{col 70}{space 3} .1560862
{txt}{space 11}y_22 {c |}{col 17}{res}{space 2}-.4499371{col 29}{space 2} .3573322{col 40}{space 1}   -1.26{col 49}{space 3}0.208{col 57}{space 4}-1.150295{col 70}{space 3} .2504212
{txt}{space 11}y_23 {c |}{col 17}{res}{space 2}-.5455149{col 29}{space 2} .3323506{col 40}{space 1}   -1.64{col 49}{space 3}0.101{col 57}{space 4} -1.19691{col 70}{space 3} .1058802
{txt}{space 11}y_24 {c |}{col 17}{res}{space 2}-.5569648{col 29}{space 2} .2845112{col 40}{space 1}   -1.96{col 49}{space 3}0.050{col 57}{space 4}-1.114597{col 70}{space 3} .0006669
{txt}{space 11}y_25 {c |}{col 17}{res}{space 2}-.5535267{col 29}{space 2} .3033092{col 40}{space 1}   -1.82{col 49}{space 3}0.068{col 57}{space 4}-1.148002{col 70}{space 3} .0409483
{txt}{space 11}y_26 {c |}{col 17}{res}{space 2} -.493121{col 29}{space 2} .2818486{col 40}{space 1}   -1.75{col 49}{space 3}0.080{col 57}{space 4}-1.045534{col 70}{space 3} .0592921
{txt}{space 11}y_27 {c |}{col 17}{res}{space 2}-.5527228{col 29}{space 2}  .324843{col 40}{space 1}   -1.70{col 49}{space 3}0.089{col 57}{space 4}-1.189403{col 70}{space 3} .0839578
{txt}{space 11}y_28 {c |}{col 17}{res}{space 2}-.5064152{col 29}{space 2} .2854425{col 40}{space 1}   -1.77{col 49}{space 3}0.076{col 57}{space 4}-1.065872{col 70}{space 3} .0530418
{txt}{space 11}y_29 {c |}{col 17}{res}{space 2} -.237368{col 29}{space 2}  .237854{col 40}{space 1}   -1.00{col 49}{space 3}0.318{col 57}{space 4}-.7035534{col 70}{space 3} .2288174
{txt}{space 11}y_30 {c |}{col 17}{res}{space 2}-.1305453{col 29}{space 2} .2885147{col 40}{space 1}   -0.45{col 49}{space 3}0.651{col 57}{space 4}-.6960238{col 70}{space 3} .4349331
{txt}{space 10}_cons {c |}{col 17}{res}{space 2}-1.121397{col 29}{space 2} 2.040374{col 40}{space 1}   -0.55{col 49}{space 3}0.583{col 57}{space 4}-5.120456{col 70}{space 3} 2.877663
{txt}{hline 16}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. 
{txt}end of do-file

{com}. log close
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}E:\Old papers\short union paper\FM RR1\FM data archive code and tables\Table 3 log file.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}17 Feb 2025, 13:24:54
{txt}{.-}
{smcl}
{txt}{sf}{ul off}